Glanbia Gains Most Since June as Earnings Rise: Dublin Mover
Glanbia Plc (GLB), the Irish dairy and nutritionals producer, gained the most in four months after the firm said that earnings-per-share growth this year is on track to reach the upper range of the guidance it set out as recently as August.
Shares gained as much as 5.5 percent to 10.13 euros, the biggest gain on an intraday basis since June 25, and traded at 10.10 euros as of 10:03 a.m. The Kilkenny, Ireland-based company said it expects 2013 adjusted earnings-per-share to increase 10 percent from last year, on a constant currency basis.
Glanbia, run by Chief Executive Officer John Moloney, previously expected adjusted earnings-per-share to increase by between 8 percent and 10 percent. Total sales for the nine months to Oct. 5 jumped 14 percent from the year-earlier period, the company said.
“The higher end guidance this morning is reassuring especially given the difficulties faced by Glanbia in its Irish business,” said Liam Igoe, an analyst at Goodbody Stockbrokers in Dublin, who has a hold rating on the stock. “The higher constant currency guidance reflects the acceleration of growth in Performance Nutrition.”
About 126,000 shares traded in Dublin, the equivalent of 38 percent of average daily volume for the stock during the past three months.
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